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Introduction to the Rise of Small Businesses in Regional Australia

The small business landscape in regional Australia is thriving. From local caf├®s to saddleries, clothes shops to influencers, bakers to car washers, these businesses form the backbone of regional communities. In the past year alone, over 406,000 new businesses have emerged, marking an increase of 19,000 within just 12 months. The next generation of entrepreneurs is on the rise, but they face unique challenges in both city and regional areas. To shed light on their journeys, “Young and Regional: We Mean Business” features interviews with 12 young individuals from regional Australia who have successfully built businesses and become integral parts of their communities.

The ‘Double Bind’ Faced by Young Entrepreneurs

Three key issues shape the approach of individuals under 30 when starting a new business: having a financially viable idea, making the business visible, and accessing quality training. A report by the Organisation for Economic Co-operation and Development (OECD) reveals that youth-led social enterprises face a “double bind” due to their focus on driving change and their youthful nature, making it challenging to secure funding and acquire necessary skills. Nearly 80% of young participants in the OECD survey expressed concerns about the financial viability of their start-ups. However, despite the risk of financial failure, the number of young regional Australians venturing into entrepreneurship continues to grow. Clayton Neil, the chief operating officer of the Australian Centre for Rural Entrepreneurship (ACRE), believes this trend indicates a higher level of confidence among individuals to invest in innovative ideas. Unlike their urban counterparts, most young entrepreneurs in regional areas are unwilling to sacrifice their social conscience for financial gain. They see entrepreneurship as an opportunity to drive social change in their communities.

Visibility Challenges Faced by Youth-led Enterprises

The same OECD report revealed that youth-led enterprises often struggle with visibility. Professor Sujana Adapa from the University of New England (UNE) extensively studied trends in regional small businesses. According to her research, individuals under 30 excel in social media marketing but often lack real connections within their communities. This is because many young people juggle entrepreneurial activities with other jobs, which is further compounded by the rising cost of living. Professor Adapa believes that limited time prevents them from promoting their businesses organically. As Arden Jarrett exemplifies, balancing a managerial role at a green start-up during the day and working as a podcast producer on weekends leaves little time for self-promotion. The Regional Australia Institute (RAI), led by CEO Liz Ritchie, emphasizes the importance of choosing the right physical location and securing early funding, tasks that can be difficult given the soaring property prices. In response, young entrepreneurs are increasingly turning to temporary ventures as a way to enter the market with less risk. Setting up pop-up shops in vibrant regional centers offers a more affordable and accessible launching point.

Addressing Skill Development Needs

Building solid enterprise skills remains a challenge for young aspiring entrepreneurs. Unlike older millennials, who tend to return to regional areas after experiencing city life, individuals under 30 often permanently relocate to urban centers or stay in their hometowns. Clayton Neil from ACRE emphasizes the need to offer training specifically tailored to the right age groups and available in the right locations. This has become a primary focus of ACRE’s work – providing enterprise skills, learning programs, and development opportunities to young people throughout rural Australia. Key areas that need to be addressed include data tracking, analytical problem-solving, and increased digital literacy. Mr. Neil hopes that by prioritizing these skills, a cultural shift will occur across the country, welcoming and supporting the ideas of young entrepreneurs.

Embracing Change and Overcoming Barriers

Despite the challenges, many young people are successfully carving their own path in the business world. Examples like Mariam Rehman’s successful franchising of Habibi Chicken in Wagga, NSW, showcase the potential for growth and innovation in regional Australia. Social media platforms have also played a crucial role in helping young entrepreneurs establish web-based enterprises with just a smartphone. The RAI, through its “Rebalance the Nation” framework, aims to increase the population of individuals aged 15 to 39 in regional Australia by four percent over the next nine years. Strong small businesses led by young entrepreneurs will be instrumental in achieving this goal. As RAI CEO Liz Ritchie emphasizes, rural and regional areas have the vibrancy and potential for success that was once believed to be exclusive to capital cities. These small businesses bring vitality and vitality to their communities.

The Future of Young Entrepreneurship in Regional Australia

Progress is underway, and change is happening. The RAI data released in July revealed that 46% of workers in capital cities are willing to move to regional areas for better pay, while two in five would consider relocation for a financial incentive. Additionally, there is a growing trend of young people from overseas choosing to move to rural areas. With the increasing availability of improved internet infrastructure in terms of speed and bandwidth, there is expected to be a surge in start-ups and entrepreneurial ventures. UNE academic Professor Sujana Adapa believes that migration to regional areas will bring about economic growth and create a more vibrant entrepreneurial environment.

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